Unpacking India's Interim Budget for 2024
Charting the Course for Inclusive Growth and Sustainable Development. Empowering Sectors, Nurturing Innovation, and Addressing Societal Challenges – A Comprehensive Overview
Hey Rise & Shiners!
In a visionary Interim Budget for the upcoming fiscal year, Finance Minister Smt Nirmala Sitharaman presented a roadmap focused on inclusivity, innovation, and sustainable development.
Here's a concise breakdown of the key highlights across diverse sectors:
Welfare and Poverty Alleviation:
Assistance to 25 Cr people for freedom from multi-dimensional poverty.
Direct Benefit Transfer of 34 Lakh Cr, leading to significant government savings.
Credit assistance to 78 Lakh street vendors under PM-SVANidhi.
Initiatives like PM-JANMAN Yojana and PM-Vishwakarma Yojana for vulnerable groups and artisans.
Empowering Youth and Education:
National Education Policy 2020 driving transformative reforms.
Skill India Mission training 1.4 Cr youth, establishing new institutions of higher learning.
PM Mudra Yojana sanctioning 43 Cr loans for entrepreneurial aspirations.
Thirty Cr Mudra Yojana loans to women entrepreneurs.
Significant increase in female enrollment in higher education, especially in STEM courses.
Geopolitical and Economic Corridor:
Introduction of the India-Middle East-Europe Economic Corridor as a strategic game-changer.
Vision for Viksit Bharat:
Aim for a prosperous and harmonious India with modern infrastructure and opportunities for all citizens.
Economic Policies and Aspirational Districts:
Commitment to foster growth, inclusive development, and resource generation.
Focus on faster development of aspirational districts, creating economic opportunities.
Development of the East and PM Awas Yojana (Grameen):
Special attention to the eastern region as a driver of India's growth.
Plans to achieve the target of three crore houses, with a focus on rural housing.
Rooftop Solarization, Muft Bijli, and Housing for the Middle Class:
Rooftop solarization for free electricity and multiple benefits.
Scheme to help the middle class in rented houses acquire their own homes.
Setup of more medical colleges and encouragement of vaccination for cervical cancer.
Integration and upgradation of schemes for maternal and child care under a comprehensive program.
Agriculture and Food Processing:
Focus on value addition, boosting farmers' income, and promoting private and public investment.
Plans for the application of Nano DAP on various crops and achieving 'Atmanirbharta' for oilseeds.
Research and Innovation:
Establishment of an INR 1 Lakh Cr corpus for long-term financing of research and innovation.
Launch of a new scheme for strengthening deep-tech technologies for defense.
Infrastructure and Railways:
Increased outlay for infrastructure by 11.1%.
Implementation of major economic railway corridor programs and conversion of rail bogies to Vande Bharat standards.
Green Energy and Electric Vehicles:
Measures towards 'net-zero' by 2070, including offshore wind energy and coal gasification.
Strengthening the e-vehicle ecosystem and encouraging the adoption of e-buses.
Bio-manufacturing, Blue Economy, and Tourism:
Launch of a scheme for bio-manufacturing and bio-foundry.
Scheme for restoration and adaptation measures in the Blue Economy 2.0.
Comprehensive development of iconic tourist centers and long-term loans for States for tourism development.
Promoting Investments and Reforms in States:
Encouraging sustained foreign investment, and negotiating bilateral investment treaties.
INR 75,000 Cr provision for a fifty-year interest-free loan for state-level reforms.
Formation of a high-powered committee to address challenges from population growth and demographic changes.
This budget sets a strategic tone for India's growth, emphasizing social welfare, sustainable development, and economic resilience.
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